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Tiong Woon logs 25% rise in full-year earnings despite lower revenue

Published on Aug 21, 2014 10:27 AM

SINGAPORE - A gain from the sale of its subsidiaries and higher profit margins helped Tiong Woon Corporation Holding raise its net profit for the year ended June 30, even as revenue dipped.

Mainboard-listed Tiong Woon, which provides integrated services primarily for the oil and gas, petrochemical, infrastructure and construction sectors, said on Thursday that net profit rose 25 per cent from a year ago to $22.1 million for its 2014 financial year.

Turnover, however, slid 18 per cent to $165.3 million as all four of its business segments - heavy lift and haulage, marine transportation, engineering services and trading - logged lower revenues on thinner demand.

Tiong Woon managed to lower its cost of sales by more than the slip in revenues, thus registering better profit margins.

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